Puerto Rico Gaining Political Support to Declare Bankruptcy

New York Governor Andrew Cuomo (D) has thrown his support behind Puerto Rico to pursue bankruptcy in order to resolve its debt crisis, reported the Wall Street Journal.

Cuomo supports Puerto Rico because the banking situation “is threatening the livelihoods of millions of people — many with strong connections to New York.”

He joins New York City Council Speaker Melissa Mark-Viverito and Hillary Clinton in supporting Puerto Rico’s pursuit for Chapter 9 bankruptcy protection and realizing that the turmoil was in part created by Wall Street.

“This is a situation that is not all of their making,” said Cuomo. “They are unique in the way they are governed with federal laws.”

For about 10 years, Puerto Rico has suffered from widespread unemployment and “economic stagnation.” Puerto Rico Gov. Alejandro Garcia Padilla said the commonwealth’s debt of $72 billion is unpayable.

Watch an in-depth discussion between Mike Papantonio and securities attorney Peter Mougey about the Puerto Rican economic crisis and the UBS bank scam that caused it.